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YUI, extjs and similar coding styles

Hi all.
Looking around the net lately, it seems that more and javascript is being written in the same style as the YUI, extjs and openwysiwyg style. Example below

Code:

var test = {
a_func: function() {
blah blah
}
}

What are the benefits to coding this way?
From what it looks like to me, it simulates a class, is that correct?
So how exactly does it all work?
How do you create private / public variables?
Are there any sights out there that explain how this style of coding works?